Stock Market Today: February 24th - 28th, 2020

i gotta check, but i believe this could in fact be the worst "week" for the SPX since 2008.

i can't remember if we had a week like this back during the debt ceiling fiasco correction back in 2011.

or the china yuan devaluation correction in 2015.

or the 2018 corrections (feb. and xmas eve) i'm thinking they weren't nearly quite as bad as this week though

 

correct! lemme see i can pull up and post my market corrections table that i have on google sheets. one sec!

 

here we go...

an exact -10% correction on the SPX from the ATH is 3,054.17 (we're currently flirting with that now, but we did dip below it intraday today ), the DJ30, nazzy, small caps, and trannies are all in correction territory now as well.

 

i'm reeeeeally keeping my fingers crossed for all the best, and hoping we start to hear some better news on this front soon. this outbreak could potentially affect all us in some way or another.

meanwhile, i stumbled across this chart in my earlier searches this morning.

this shows the fatality rate by age. i think you and i @stock1234 both mentioned this the other week as well. but, this virus seems to be more a story for elderly people in particular. they are extremely vulnerable. i'd by lying if i didn't say it, but definitely am concerned for my folks who are in that upper age range. =/

 

nice little cat bounce off those extreme low prints this morning as of now ... seemed a little overdone on the downside there maybe ... i guess that's easy to say in hindsight of course lol

let's see how the afternoon shapes up.

on a very short-term technical basis, we are quite a bit in extreme oversold territory.

nothing goes up or down in a straight line.

while i also feel the downside is not done yet, but not without some oversold cat bounces along the way

 

whelp, don't look now, but the DJ30 is now less than -300 handles down ... that'd be something if we turned green here ... i can tell you for sure that it has never happened in market history (or at least in the case of the DJ30) that it was down over -900 handles and then popped green in the same session, not on an intraday or closing basis. not even during the 2008 crisis, 2011/2015 flash crashes/etc. so this would indeed be a first.

of course we're only talking on a pure "point" basis here, which is kind of meaningless i guess, since the DJ30 is waaay higher now than it was back during the '08 crash. on a % basis this is still kind of minuscule.

 

today is more reminiscent on a price action perspective on the indices as oct. 10th, 2008 was. i'm not too sure how many of you guys remember that day?

i used to have a cnbc youtube clip up some years ago from that day, until youtube decided to axe my entire channel

but, i remember that day as one of the wildest market days for the major indices ever in history.

the market opened down about roughly -6% or so that morning (back then it was only like a -700 or so point drop on the DJ30), only to rally back and actually pop into the green by over like +200 handles in the final hour of the day ... but ultimately ending red on the day by just a little over -100 handles if my memory serves me correct. those were the days

 

yep, ditto for the trannies too